PHIT Act of 2023

Hozzl · 2024-03-12T07:58:06Z

Explore the details of Senate Bill 786 PHIT Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/12/2024, 7:58 AM

Congressional Summary of S 786

Personal Health Investment Today Act of 2023 or the PHIT Act of 2023

This bill allows a medical care tax deduction for up to $1,000 ($2,000 for a joint return or a head of household) of qualified sports and fitness expenses per year. The bill defines qualified sports and fitness expenses as amounts paid exclusively for participating in a physical activity, including (1) fitness facility memberships, (2) physical exercise or activity programs, or (3) equipment for a physical exercise or activity program.

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Current Status of Bill S 786

Bill S 786 is currently in the status of Bill Introduced since March 14, 2023. Bill S 786 was introduced during Congress 118 and was introduced to the Senate on March 14, 2023. Bill S 786's most recent activity was Read twice and referred to the Committee on Finance. (text: CR S774-775) as of March 14, 2023

Bipartisan Support of Bill S 786

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 786

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 786

PHIT Act of 2023

Personal Health Investment Today Act of 2023

A bill to amend the Internal Revenue Code of 1986 to treat certain amounts paid for physical activity, fitness, and exercise as amounts paid for medical care.